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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

29 JAN 2010

A motion early in the day from Mr Gordon Banks MP on unsecured creditors

It has just come to my attention that on 13 January 2010, Mr Gordon Banks MP tabled an Early Day Motion (EDM) in the following terms:

"That this House believes that current UK insolvency laws and regulations fail adequately to protect unsecured creditors; and urges the Government to carry out a review of these laws and regulations to identify processes to promote opportunities to deliver a greater return from insolvent estates to unsecured creditors."

The OFT are currently investigating, inter alia, this unsecured creditor issue. What is the evidential basis for this unsecured creditor failure allegation from Mr Banks? Where is his evidence? There is currently nothing on his newly created website. Let us have some support for this contention!

Thankfully it is only Mr Banks' EDM that is a bit wiffy! It could be argued that this latest unsupported critique of English and Welsh insolvency laws is certainly not in evidential safe hands!

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